US Treasury Secretary Scott Bessent Urges Senate to Pass Clarity Act

U.S. Treasury Secretary Scott Bessent took to social media to push the Senate to move forward with the crypto Clarity Act when lawmakers return from their five week recess next week. Bessent warned that failing to pass the legislation would send a bad signal to both allies and adversaries, showing that America is not ready to lead the future of digital assets or use new tools to stop financial crime.

The Clarity Act passed the House of Representatives last year. It aims to create a clear framework that divides oversight between regulators and decides which digital assets count as securities, commodities, or stablecoins. However, the bill stalled in the Senate this year because banks and crypto companies fought over stablecoin yields, and lawmakers debated new ethics rules.

Crypto supporters have waited a long time for clear rules from Washington, and President Donald Trump has also asked Congress to pass the bill quickly. Traders should watch the Senate vote next week to see if lawmakers can finally reach a deal and push the crypto market structure bill forward.